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Sep 30, 2021

SEBI’s Informal Guidance regarding Granting Power of Attorney to Investment Adviser

An informal guidance was sought from the Securities Exchange Board of India (‘SEBI’) by Waterfield Financial and Investment Advisors Private Limited (‘WFPL’), an investment adviser (‘IA’) registered under SEBI (Investment Advisers) Regulations, 2013 (‘IA Regulations’), on whether the clients of WFPL can, at their volition, grant a power of attorney (‘POA’) authorizing WFPL to make inquiries concerning the client’s account with the custodian and liaise with such custodian and receive information from or transmit information to such custodian, in relation to the client’s investment decisions or investment products. SEBI, in its response letter dated March 30, 2021, stated that an IA is required to render investment advice and not manage funds or securities on behalf of the client and, hence, considering the scope of activities permitted for an IA under IA Regulations, grant of POA has neither been envisaged nor appears desirable for an IA.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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